ACEN Corp. has received financial backing from BDO Unibank, Inc. for an onshore wind power project that is set to become the largest in the country.
BDO said that 35 percent, or P12.04 billion, of a P35.41 billion total loan facility from BDO, had been allocated for the wind project under a 15-year term.
“Their full-spectrum support — from corporate lending to capital structuring and trust management — has played a critical role in advancing this landmark project,” ACEN Corp. President and CEO Eric Francia said of BDO.
BDO is the senior lender for the loan facility while BDO Capital & Investment Corp. (BDO Capital) was tapped as joint lead arranger and BDO Trust Investments Group was named facility agent and security trustee.
“As a joint lead arranger, BDO Capital is committed to structuring innovative and sustainable financial solutions that help visionary companies like ACEN turn bold ideas into reality,” BDO Capital President Ed Francisco said.
Get the latest news
delivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
In another development, ACEN told the stock exchange that it was infusing approximately P875 million into subsidiary Buendia Christiana Holdings Corp. (BCHC) via share subscription.
“ACEN signed a subscription agreement … for the subscription … to an additional 875,000 common shares at P100 per share, and 7,875,000 redeemable preferred shares at P100 per share, to be issued out of the authorized capital stock of BCHC,” it told the stock exchange.
Advertisement
The subscription agreement was approved by the company’s board on Wednesday.
ACEN’s subscription is equivalent to 15 percent of the total outstanding shares of BCHC, a subsidiary created to serve as a special purpose vehicle for land acquisition.
“The proceeds of ACEN’s subscription will be used by BCHC to acquire additional parcels of land for the ACEN group’s various potential power projects,” it said.
ACEN shares rose 0.79 percent to close at P2.55 each on Wednesday while BDO shares slipped 0.64 percent to P155.00 apiece.
Advertisement
